Banking in Canada

You can open an account with HSBC Bank Canada when you are in another country in which HSBC operates. Choose which Canadian branch you want your account to reside with and which type of account you would like to open and your local HSBC office will work with HSBC Bank Canada to set up the requested account. Once HSBC Bank Canada has received the appropriate documentation we will advise your local HSBC of the status of the application.

Apply online for a HSBC Bank Canada account before you arrive in Canada.
Apply Now

HSBC Passport

HSBC Passport is designed to help you with your banking in Canada. You will get a chequing account to facilitate all your financial transactions, a credit card with no annual fee, Discounted International Wire Transfers and much more.

Learn more at hsbc.ca & Apply online for a HSBC Bank Canada account before you arrive in Canada.

HSBC Premier

International Recognition
Find out how HSBC Premier will bring you a world of round-the-clock services, unrivalled local insight and exceptional emergency support.

Worldwide Assistance
Learn how we can quickly set up your account and credit internationally while offering property and mortgage advice, online banking and the individual support of an HSBC Premier Relationship Manager.

Investment Expertise
Whatever your plans, find out how your HSBC Premier Relationship Manager and our expert advisers can help fulfil your financial ambitions.

Privileges and Rewards
Discover how your HSBC Premier credit card comes complete with a leading rewards program, exclusive offers on life's little luxuries, and the security of our emergency support.

Learn More at hsbc.ca & Apply online for a HSBC Bank Canada account before you arrive in Canada.

Immigrant Investor Program

The Immigrant Investor Program was created by the Canadian government to attract successful business immigrants like you and new investment capital to Canada. To meet your international investment needs and make relocation easier, HSBC provides a range of flexible international and immigrant services for qualifying immigrant investors.

Learn More at hsbc.ca & Apply online for a HSBC Bank Canada account before you arrive in Canada.

Banking Glossary

Account
A fund that a customer has entrusted to a bank and from which the customer can make withdrawals.
Automated Teller Machine (ATM)
Self-service machine at a bank or other location that enables customers to perform basic banking activities. You need an ATM card or debit card and a PIN (Personal Identification Number). Earlier, known as an Automated Banking Machine (ABM).
Bounced Cheque
Cheque that a bank returns to the issuer due to insufficient funds in the issuer’s account.
Cheque
A written order directing a bank to pay money.
Correspondent Bank
Bank that performs services for another bank which has no branch or physical presence in the relevant centre or jurisdiction. Functions include cheque clearing, cash management, transfer of funds and so on.
Credit History
Records of a borrower’s debt payment that indicate the creditworthiness of the borrower. The credit history helps lenders in determining the borrower’s ability to repay debts in a timely manner.
Electronic Funds Transfer (EFT)
Transfer of funds by electronic means rather than paper based methods. These include using computer systems, ATM, telephone, wire transfers, etc. The funds are transferred faster and are more secure.
Interest Rate
Price lenders charge the borrowers for use of their money for a specified period of time. The rate charged is usually expressed as a percentage of the total amount borrowed.
Line of Credit (LOC)
An agreement negotiated between a borrower and a lender establishing the maximum amount of money against which a borrower may draw. The agreement also sets out other conditions, for example, how and when the money is to be repaid.. (Is this the correct definition?)
Liquid Assets
Cash, demand deposits with a bank or financial institution, short-term deposits and readily marketable investments including publicly traded stocks or bonds.
Minimum Opening Deposit
Minimum amount of money needed to open and maintain an account. Accounts that fall below the minimum balance may be subject to service charges.
Non-resident Account
An account owned by a person from outside the country in which the bank is chartered. . (Is this the correct definition? Where did we get this definition from?)
Online Banking
A convenient and secure way of performing banking operations using a financial institution’s secure website over the internet. This allows customers to do their banking outside bank hours and from anywhere on the Internet.
Personal Identification Number (PIN)
A numeric identification code of usually four digits, which users create to access their account. PIN is required for use at ATM machines to verify the identity of the cardholder and to authorize the account transactions.
Savings Account
A deposit account which bears interest without a stated maturity. Withdrawals and deposits can be made at any time.
Service Charge
A fee established by the financial institutions for maintaining a particular service - like annual charges for a checking account, late payments of loans, returned cheque, and so on.
Stop Payment
An order by the writer of a cheque to the bank not to honour the payment. The stop payment order directing has to be given before the cheque has been cashed and can be done by telephone or in writing.
Telephone Banking
Service provided by the financial institution, which allows its clients to perform transactions over the telephone. Most telephone banking requires authentication and instructions are carried out by a physical person or via an interactive voice response (IVR) system.
Term Deposit
Secure investments generally offering a higher rate of interest than a simple savings account, available in a number of currencies, a variety of term lengths, and several redemption options.
Wire Transfer
An electronic transfer of funds from one entity to another across a network administered by hundreds of banks around the world.